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FIS Astec Analytics has released its latest weekly list of the most popular stocks among short sellers.
This week’s list contains some familiar names. Here’s a rundown of the hottest stocks among short sellers.
Top Pick: Snap
Snap Inc (NYSE:SNAP) has returned to the top spot on this week’s list, as volume of short selling as a percentage of shares available came in at 96 percent on the week. FIS Astec reports that short sellers covering their positions are likely being forced to do so by lenders withdrawing shares from the market.
1. J.C. Penney
J C Penney Company Inc (NYSE:JCP) shares are already down more than 43 percent year-to-date, but short sellers see more downside ahead. FIS Astec reports that a 17 percent drop in short interest by volume was accompanied by an 11 percent uptick in utilization last week, which reached 82.6 percent.
2. GNC
GNC Holdings Inc (NYSE:GNC) has endured a huge spike in short interest, which hit 90 percent of available supply by March. Last week, utilization jumped from 71 percent back up to 83 percent, landing GNC at the No. 2 spot.
Related Link: Retail Stocks With The Highest Short Interest
3. Tesla
Tesla Inc (NASDAQ:TSLA) has been a permanent resident of the top short stock list in recent years, but it dropped off the list in April. While short interest remains down 27 percent since its January peak, FIS Astec reports is has been on the rise since the beginning of May.
4. Frontier Communications
Frontier Communications Corp (NASDAQ:FTR) shares have plummeted 19 percent since the company’s last earnings report. Short sellers, however, are as convinced as ever that there is more downside ahead, with short interest as a percentage of available supply rising from 92 percent to 96 percent last week.
5. Sears
Sears Holdings Corp (NASDAQ:SHLD) is another mainstay on the short seller list in recent years. It seems as if Sears management can do nothing to stop the bleeding, and short interest as a proportion of available shares now stands at 92 percent, even with extremely high borrowing fees.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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